Institute of Chartered Secretaries of Bangladesh (ICSB) recently organized its 8th ICSB National Award for Corporate Governance Excellence 2020 in the Grand Ball Room of Radisson Blu Dhaka Water Garden, on Sunday.
40 companies were recognized in this ceremony for good corporate governance based on the evaluation criteria set by the institute. The companies were mainly judged in terms of how well they promoted corporate fairness, transparency and accountability in the overall management of their team during the year 2020.
Commerce Minister Tipu Munshi attended the event as the chief guest and handed over trophies and certificates to winning companies in 13 categories, covering all companies listed under DSE & CSE.
Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC. and Tapan Kanti Ghosh, Secretary, Ministry of Commerce attended the programme as special guests. Muzaffar Ahmed FCMA, FCS, President of ICSB chaired the award-giving program. Itrat Husain FCMA, FCS, Former President & Chairman of Corporate Governance Committee was also present at the occasion.
Among the awardees in the General Banking sector, BRAC Bank Limited achieved the gold award while Eastern Bank Limited and Dutch-Bangla Bank Limited obtained silver and bronze respectively.
In the Islami banking category, Shahjalal Islami Bank Limited achieved gold while Islami Bank Bangladesh Limited and Social Islami Bank Limited obtained silver and bronze respectively.
Similarly, in the category for non-banking financial institutions, Delta Brac Housing Finance Corporation Limited achieved the gold award while IDLC Finance Limited, and Bangladesh Finance and Investment Company Limited achieved Silver and Bronze respectively.
Likewise, in the category for General Insurance, Green Delta Insurance Company Limited received the gold award while Reliance Insurance Limited and Prime Insurance Company Limited ensured Silver and Bronze respectively.
In the category for Life Insurance companies, Pragati Life Insurance Limited received the gold award, National Life Insurance Company Limited got the silver award and Sonali Life Insurance Company Limited got the bronze award.
Similarly, in the categories of pharmaceutical and chemical companies, Square Pharmaceuticals Ltd. got the gold while Beximco Pharmaceuticals Limited and IBN SINA Pharmaceutical Industry Ltd. achieved silver and bronze respectively.
In Food and Allied Companies category, Golden Harvest Agro Industries Limited achieved the gold award. Unilever Consumer Care Limited won silver and Olympic Industries Limited got bronze.
While addressing as the chief guest, Tipu Munshi appreciated the initiative of ICSB to award the listed companies for practicing good governance.
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He added that efficient corporate governance is gaining increasing importance in today’s business world.
Speaking as the special guest at the event, Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC, said, “Corporate governance is a major determinant for stability and development of the capital market.”
Muzaffar Ahmed FCMA, FCS, President of the Institute emphasized that practicing good corporate governance is now the demand of time. It requires the whole-hearted commitment of all individuals working in the company, for the purpose of sustainable development and maximization of shared values.